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31 July 2018 07:55 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average25,30725,451-144.00-0.574.27
S&P 5002,8032,819-16.00-0.583.10
FTSE 100 Index7,7017,7010.00-0.010.84
DAX 3012,79812,860-62.00-0.484.00
CAC 40 Index5,4915,512-21.00-0.373.15
Nikkei 225 (Japan)22,54522,713-168.00-0.741.08
SSE Composite Index2,8692,874-5.00-0.160.76
S&P/TSX Composite Index16,34516,394-48.00-0.300.42
NZ 508,9038,921-18.00-0.20-0.45
US Volatility (Vix)14
Overseas Market Report

US sharemarkets declined due to a sell-off in technology shares with the Nasdaq posting its third consecutive loss of 1% for the first time in almost 3 years. Shares of Facebook and Netflix fell between 2.2% and 5.7%. Tyson Foods shares declined 7.6% after the company cut its full-year profit forecast. Caterpillar shares fell 2%, despite raising its full-year profit. Media company CBS shares dropped 5.1% on personal misconduct allegations against CEO Leslie Moonves. The Dow Jones index fell by 144 points or 0.6%,the S&P 500 index was down by 0.6%, and the Nasdaq index lost107 points or 1.4%.

Global oil prices rose on Monday after Saudi Arabia announced that it would suspend oil shipments through the Bab el-Mandeb Strait after Houthi rebels in Yemen attacked oil tankers in the Red Sea. The ongoing Syncrude outage in Canada and possible Iranian sanctions by the US also supported prices. But OPEC lifted production by 70,000 to 32.64 million barrels per day in July according to Reuters. Brent crude rose by US68 cents or 0.9% to US$74.97 a barrel and the US Nymex rose by US$1.44 or 2.1% to US$70.13 a barrel.

Base metal prices were mixed on the London Metal Exchange (LME) on Monday. Zinc (-1.4%) fell to 13-month lows on rising supply concerns. Copper fell 0.8% despite potential strike action at BHP's Escondida copper mine in Chile. But aluminium (+1.0%), tin (+0.5%) and lead (+0.4%) all rose.

The gold futures price fell by US$1.20 an ounce or 0.1% to $1,231.50 an ounce. The spot gold price was trading near US$1,221 an ounce in late US trade. Iron ore fell by US40 cents or 0.6% to US$66.95 a tonne.

PreviousChangeDaily %
Monthly %
Oil Brent74.9774.290.680.92-5.63
Oil - West Texas crude70.0770.13-0.06-0.09-5.50
Gold Spot $/OZ1,222.001,
Silver Spot $/OZ15.5015.500.000.06-3.82
Iron Ore61.4059.601.702.922.92
Thermal Coal Newcastle115.60115.200.300.301.01
Coking Coal FOB ECP AUS171.30171.200.100.06-12.87
Aluminium ($US/t)2,0752,05421.001.00-3.65
Copper Mar-18 ($US/lb)2.792.790.200.07-5.32
Lead ($US/t)2,1382,1299.000.43-11.09
Nickel ($US/t)13,76613,770-4.00-0.03-7.13
Zinc ($US/t)2,6172,656-38.00-1.44-9.95
Tin ($US/t)20,14920,045104.000.521.61
Uranium ($US/lb)26.0026.000.000.3913.44
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,3696,391-23.00-0.361.26
S&P/ASX 2006,2786,300-22.00-0.351.35
ASX 24 Futures6,224
Australian Market Report

Monday 30 July - close. Australian shares have finished lower, with investor caution and a weak Wall Street lead robbing the local market of momentum on Monday. The benchmark S&P/ASX200 index was down 21.8 points, or 0.35 per cent, at 6,278.4 points at 1615 AEST on Monday, while the All Ordinaries was down 22.7 points, or 0.36 per cent, at 6,368.8 points.

Ashanti Headlines

Bald Hill Achieves Commercial Lithium Production

  • JV Partners Alliance Mineral Assets Limited (SGX.40F) and Tawana Resources NL (TAW.ASX) this morning announced that commercial production has been achieved at the Bald Hill Lithium Mine
  • Commissioning and ramp-up to commercial production of Stage 1 Dense Media Separation (DMS) circuit at Bald Hill Mine completed
  • Plant has produced premium high-quality lithium concentrates even at low feed grades
  • Three shipments of lithium concentrate completed, with the 4th due to be completed within the next few days
  • Lithium concentrate production of 18,800t between 14 March and 30 June 2018
  • Plant recoveries achieving nameplate capacity of 65%
  • Mining is supplying ore consistently and crushing performance has been increased
  • The JV parties are targeting to produce 60,000 to 75,000 tonnes of spodumene concentrate for the 6 months between July and December 2018.
  • Tawana MD Mark Calderwood commented: “This confirms the successful ramp up of the plant and the achievement of commercial production within five months of commencement of ore commissioning. Operational focus has shifted to plant optimisation and the review of options to further increase throughput in the existing plant and add a second DMS circuit in addition to a fines circuit. Bald Hill has established a reputation of producing quality lithium concentrates low in impurities including iron, sodium and potassium.”

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